At a glance
Phillips 66 is worth $107.29B, about 26 times its fiscal 2025 earnings. Revenue fell 7.5% to $132.38B in fiscal 2025, with 3.3% kept as profit; over 5 years it has grown 15.6% a year. It pays a 1.82% dividend yield, raised every year for at least 9 years, and returned $19.25B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +108.0% over the past year with dividends reinvested and +33.6% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 53.3% in the 2020 crash (S&P 500: 33.7%) and 32.0% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 3 months and 2 months after the lows.
The business in plain English
Phillips 66, based in Houston, is an oil refiner and fuel marketer. ConocoPhillips spun it off as a separate company on April 30, 2012. It produces no oil. Instead, it purchases crude and other raw materials, refines them into gasoline, diesel and aviation fuel, and markets fuel mainly in the United States and Europe. Profit depends largely on the margin, or gap, between raw material costs and fuel prices.
In 2025, revenue totaled $132.4 billion. Marketing and Specialties, which purchases and resells fuel and makes base oils and lubricants, brought in 63.3%. Refining, with 10 refineries in the US and Europe, brought in 20.3%. Midstream contributed 14%, and Renewable Fuels, which makes fuel from renewable raw materials at its Rodeo complex and Humber Refinery, 2.4%. By region, 78.8% came from the US, 10% from the UK and 3.8% from Germany.
Midstream earns money moving, storing and processing crude oil, natural gas and natural gas liquids (NGL, such as propane and butane). At the end of 2025 it held stakes in about 70,000 miles of pipelines and 35 gas processing plants, and it bought the Coastal Bend NGL business on April 1, 2025. Phillips 66 also owns half of Chevron Phillips Chemical, a plastics and petrochemicals maker. The venture's sales are not part of Phillips 66's revenue.
Price history
The interactive chart needs JavaScript.
PSX +108.0% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Refined petroleum products and renewable fuels | $97.36B | 73.5% |
| NGL and natural gas | $17.07B | 12.9% |
| Crude oil resales | $15.18B | 11.5% |
| Services and other | $2.77B | 2.1% |
By business segment
| M&S | $83.74B | 63.3% |
| Refining | $26.87B | 20.3% |
| Midstream | $18.58B | 14% |
| Renewable Fuels | $3.15B | 2.4% |
By geography
| United States | $104.26B | 78.8% |
| United Kingdom | $13.21B | 10% |
| Other countries | $9.92B | 7.5% |
| Germany | $4.99B | 3.8% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $50.54B, up 46.4% from a year earlier, and net income was $5.62B (+4122.6%).
- For fiscal 2025, revenue was $132.38B (-7.5% year over year; +15.6% a year from FY2020 to FY2025) with a 3.3% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +15.6% good |
|---|---|
| Return on equity (FY2025) | 15.1% good |
| Return on assets (FY2025) | 6% watch |
| Net cash (cash minus debt) | $-12.68B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $64.13B | $-3.98B | — |
| FY2021 | $111.48B | $1.32B | — |
| FY2022 | $169.99B | $11.02B | — |
| FY2023 | $147.40B | $7.01B | — |
| FY2024 | $143.15B | $2.12B | — |
| FY2025 | $132.38B | $4.40B | — |
Valuation snapshot
| Market value | $107.29B |
|---|---|
| P/E ratio | 25.5 |
| Dividend yield | 1.82% |
Rank among 1514 US companies
Market value at each year end
Phillips 66’s market value went from $45.01B at the end of 2016 to $107.29B on Nov 2, 2026, about 2.4 times as much; since the end of 2025 it is up 106%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $107.29B | +106.3% |
| 2025 | $51.99B | +10.5% |
| 2024 | $47.05B | -19.7% |
| 2023 | $58.58B | +19.1% |
| 2022 | $49.19B | +55.0% |
| 2021 | $31.74B | +3.9% |
| 2020 | $30.55B | -38.3% |
| 2019 | $49.51B | +24.6% |
| 2018 | $39.73B | -22.5% |
| 2017 | $51.26B | +13.9% |
| 2016 | $45.01B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| PSX price data to Nov 2, 2026 | +117.5% | +108.0% | +37.0% | +33.6% | +17.7% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +117.5% |
| 2025 | +17.6% |
| 2024 | -11.6% |
| 2023 | +33.1% |
| 2022 | +49.6% |
| 2021 | +8.5% |
| 2020 | -33.9% |
| 2019 | +34.0% |
| 2018 | -12.3% |
| 2017 | +21.0% |
| 2016 | +9.0% |
| 2015 | +17.1% |
| 2014 | -4.8% |
| 2013 | +49.0% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 52.4% over that stretch · deepest drop along the way 53.3%, back to its old high 2.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 26.7% over that stretch · deepest drop along the way 32%, back to its old high 1.5 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 2 open-market purchases ($61K) and 22 sales ($7.49B), 6 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Jul 21, 2026 | Vanessa Allen Sutherland EVP, GC and Secretary | sell (plan) | $7.44B |
| Aug 12, 2026 | Richard G Harbison EVP, Refining | sell | $11.7M |
| Mar 12, 2026 | Brian Mandell Executive Vice President | sell | $7.3M |
| Aug 11, 2026 | Brian Mandell Executive Vice President | sell | $6.5M |
| Sep 16, 2026 | Brian Mandell Executive Vice President | sell | $6.2M |
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 7.52% | Mar 31, 2026 |
| Vanguard Portfolio Management | 5.53% | Mar 31, 2026 |
ETFs with the most weight in PSX
| IEO iShares U.S. Oil & Gas Exploration & Production ETF | 7.25% |
| CRAK VanEck Oil Refiners ETF | 7.02% |
| PXE Invesco Energy Exploration & Production ETF | 4.74% |
| RSPG Invesco S&P 500 Equal Weight Energy ETF | 4.01% |
| DRLL Strive U.S. Energy ETF | 3.89% |
| WEEI Westwood Salient Enhanced Energy Income ETF | 3.51% |
| XLE Energy Select Sector SPDR Fund | 3.18% |
| OAKM Oakmark U.S. Large Cap ETF | 2.84% |
What could go wrong
- Profits swing with refining margins. Phillips 66 must purchase all the crude it refines. Profit rides on the volatile gap between crude and fuel prices. Net income fell from $11.0 billion in 2022 to $2.1 billion in 2024.
- Chemicals rely on a half-owned venture. Its chemicals business is a 50% stake in Chevron Phillips Chemical, which it does not control alone. Plastic-waste worries, new rules or too much new industry capacity could hurt the stake's value.
- Renewable fuel rules could change. The Renewable Fuels segment depends on government programs such as the EPA's Renewable Fuel Standard, low-carbon fuel standards and tax credits. Policy cuts would hurt results, and complying with the standard adds costs.
- Pipeline volumes depend on drillers. If low prices lead producers to drill less, less crude, natural gas and natural gas liquids flow through its pipelines and plants. Rival pipeline and gas-processing companies also compete for the same supplies.
- Refinery outages and accidents. Refineries and pipelines face planned and unplanned shutdowns, accidents and severe weather. An outage cuts output and cash flow, and the company does not fully insure against every loss.
- Long-term demand for fuel could fall. Climate rules, better fuel efficiency and changing public attitudes may reduce demand for gasoline and diesel over time. The same pressures could raise compliance costs and the cost of raising money.
Recent events
- Quarterly results released
- Executive or board change
- Major agreement signed; New debt or financial obligation
- Quarterly results released
- Shareholder vote results
- Quarterly results released
- Quarterly results released
- Major agreement signed; New debt or financial obligation
- Executive or board change
- Quarterly results released
For income and retirement investors
Phillips 66 has raised its regular dividend for at least nine straight years through fiscal 2025, and the true streak may be longer. It kept rising in 2020, when the company lost $4.0 billion. Dividends per share grew from $3.60 in 2020 to $4.75 in 2025, about 5.7% a year. Dividends paid in 2025 equaled 43.7% of net income. Buybacks are more flexible: none in 2021, but $10.2 billion over fiscal 2021–2025, more than the $9.1 billion paid in dividends. The dividend yield was 1.83% as of October 28, 2026.
In the 2020 COVID crash, the shares fell 53.3% from February 20 to March 23, 2020, and recovered by June 8, 2020. In the 2022 bear market, from the broad market's January peak to its October low, the stock gained 26.7%, though it still dropped 32% between June and September 2022 and recovered by November 11, 2022. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Phillips 66 make money?
Mostly by refining and selling fuel. Phillips 66 purchases crude oil, turns it into gasoline, diesel and aviation fuel, and earns the gap between its costs and selling prices. Refined products and renewable fuels made up 73.5% of its $132.4 billion revenue in fiscal 2025. It also earns money from pipelines, storage and natural gas processing, and owns 50% of Chevron Phillips Chemical, a plastics and petrochemicals maker.
Does Phillips 66 raise its dividend every year?
Yes, so far. Phillips 66 has raised its regular dividend for at least nine straight years through fiscal 2025, and the true streak may be longer. Dividends per share grew from $3.60 in 2020 to $4.75 in 2025. The dividend yield was 1.83% as of October 28, 2026. Increases are not guaranteed: the company warns that sharply lower margins could limit its ability to fund dividends and buybacks.
Is Phillips 66 part of ConocoPhillips?
No. Phillips 66 has been a separate, publicly traded company since April 30, 2012, when ConocoPhillips gave its shareholders all the shares of Phillips 66. That split moved ConocoPhillips' downstream businesses, which turn crude oil into products and sell them, into the new company. Its shares trade on the New York Stock Exchange as PSX. Some ties remain: Phillips 66 could still be held responsible for certain ConocoPhillips liabilities, and ConocoPhillips' promise to cover some matters depends on its ability to pay.
How volatile is Phillips 66 stock?
Quite volatile. Its annualized volatility, a measure of how widely the price swings, was 32.3% for the year to October 28, 2026. The stock has fallen as much as 64.2% from a peak since it began trading, and it lost 53.3% in the 2020 COVID crash. Calendar-year returns ranged from a 33.9% loss in 2020 to a 49.6% gain in 2022. Over the 10 years to October 28, 2026, it returned 17.4% a year.
Does Phillips 66 make renewable fuels?
Yes, but it is a small part of the business. The Renewable Fuels segment turns renewable raw materials into fuel at the Rodeo Renewable Energy Complex and the Humber Refinery. It brought in $3.15 billion, or 2.4% of revenue, in fiscal 2025. Its results are tied to government programs such as the EPA's Renewable Fuel Standard, low-carbon fuel standards and tax credits, and the company lists changes to those programs as a risk.